As it stands, Apple’s mobile payments option, Apple Pay, is only available in select areas, including the United States and Europe. But China’s still on the docket.
According to a report published by the Wall Street Journal, Apple has put together a company in the Shanghai free-trade zone, which will be utilized to run Apple Pay in the region. On top of that, the company has been provided with $13.4 million in capital, giving the boost it needs to begin operations.
“The Apple Inc. entity, named Apple Technology Service (Shanghai) Ltd., was registered in the city’s free-trade zone on June 10, according to the Shanghai government’s company-registration database. Its business operations include technical consulting, services and system integration in the field of payments, the database showed.”
In China, mobile payments, through Alipay, is already used by upwards of 300 million people, so Apple Pay’s arrival in the region will be a huge boost for Apple. Of course, going up against the in-house Alibaba, which already has a huge network of users, will mean a large uphill climb for Apple right out of the gate.
In the United States, though, Apple Pay continues to steamroll with support from banks, credit unions and business. Most recently, Apple added upwards of almost 50 new banks and credit unions to its list of supporters.
[via WSJ]
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